The co-CEOs of Hyundai Heavy Industries said the company will continue making efforts to cut production costs to maintain profitability and return to profit this year.

"As the supply surplus still exists, the number of new orders for ships is limited. Accordingly, we expect hurdles in increasing the cost of ships," the company said in a statement.

Hyundai Heavy Industries added it will seek to cut production costs by adopting the latest technologies to improve productivity, purchasing materials under detailed plans and speeding up construction time.

Hyundai Heavy's smaller local rivals also vowed to win more orders this year.

"We need to spend more for the development of eco-friendly and fuel-efficient ships in order to stay competitive in the future," Daewoo Shipbuilding & Marine Engineering CEO Jung Sung-leep said in his message to employees.

Nam Jun-u, president of Samsung Heavy Industries Co., stressed the importance of price competitiveness to win more orders going forward.

The two shipyards are expected to unveil their own order targets for the year later this month.